Not all fees are created equal. Not all fees are bad, either. First weigh the pros and cons and jot down a cost analysis to see if the expense is worth the reward. With careful consideration and budgeting of fees, you can find a way to pay your way to a better financial life.

In recent years, we've seen a major spike in deals that allow financial service providers to disburse federal financial aid to students through products like debit cards. These deals, which have raised serious concerns from consumer advocates, were shown to have significant risks for students.

Banks continue to raise the fee that is charged when customers spend more than they have in their accounts. Since the end of 2012, the average fee for a $50 overdraft has increased from $33.70 to $34.90 at the 10 largest U.S. banks.

It's not wrong for banks to make money from overdraft fees, and overdraft protection can be helpful in certain situations. However, the use of this protection is way too prevalent, and that's something consumers have the power to change without any help from banks or regulators.

If you ask around, it's pretty easy to find someone who has a bank account overdraft horror story to tell. The Overdraft Protection Act of 2013, which I introduced last week with 42 cosponsors, would rein in abusive banking practices that hit the unwary hard.

With consumers expressing confusion over their banks' fee structures and banks ordering transactions in such a way as to maximize their collection of such fees, people continue to get hit with the mother of all fees.